Review of EGU Price for the Past Week 
The following is the daily gold price change of Everest Gold (from 7 to 13 June 2021). 

Statistics from the past week showed that the EGU prices have increased between 0% to 1% on all seven days. 

Market News Recap 
Last week, gold prices remained stable just below USD 1,900 per ounce as investors awaited economic news from the European Central Bank (ECB) policy meeting and the release of the Federal Reserve’s US inflation data. US economic data helps inform investors of potential inflationary pressure, which in turn impacts the price and role of gold in portfolios. 

At the beginning of the week, the dollar index held steady and US benchmark 10-year Treasury yields hovered at a month-long low. On Tuesday, spot gold dropped 0.2 percent to USD 1,895.59; two days later, it dropped 0.1 percent to USD 1,886.66 per ounce as the dollar traded higher ahead of the meeting of European Central Bank and the Federal Reserve’s US inflation data release later in the day. 

The reveal of the US inflation data on Thursday drove lower bond yields and a pullback in the dollar. The rise in US inflation was not significant enough to change the Federal Reserve’s current dovish economic stance, nor did it shake investor confidence in the Fed’s management of the nation’s economic growth. Overall, prices rose more than 0.5% last week, and gold ended the week just above USD 1,900 per ounce. 

Jeffrey Halley, senior market analyst at Oanda, says, “The FOMC (Federal Open Market Committee) next week is now likely to be a non-event. Gold looks set to test resistance at USD 1,920 early next week, as the asset price appreciation trade gains new momentum.”

Sources:
1. Australia: shares inch higher as gold stocks shine; New Zealand rises – The Business Times
2. Gold prices dip on strong dollar ahead of US inflation data – The Business Times
3. Gold subdued with focus on US data, ECB meeting – The Business Times
4. Gold reclaims USD 1,900 mark as dollar, yields slip after US data – The Business Times
5. Gold hangs on to USD 1900, supported by ECB decision and US inflation data – The Business Times
6. Gold slips as dollar strengthens on transitory inflation view – The Business Times
7. Precious – gold hovers near USD 1,900 per ounce as dollar, yields dip after US data – Reuters
8. Precious – gold tops USD 1,900 per ounce mark as dollar, yields dip after US data – Reuters

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